Market Failures and Mechanism Design

Market Failures and Mechanism Design

Year: This course will not run in 2018-19. This course is offered on a biennial basis and will next be available in 2019-20.
Course code: ECON4056
Course credits: 15
Taught: Semester 2
Course co-ordinator: Professor Herve Moulin
Entry requirements: Normally admission to an honours programme in Economics.
Available to visiting students: Yes
Contact for more information: Gillian Weir

Course description

The course is devoted to situations of market failure, often overlooked in undergraduate Economics curriculum. It discusses the importance and implications of group incentives in Economics, as well as situations when ethical or political considerations call for market design. Many specific applications are considered.

Learning and teaching methods

20 hours of lectures (10 x 2 hours), Wednesday, 11.00-13.00, and 5 1-hour tutorials (held fortnightly at varying times).

Course texts

  • Axioms of cooperative decision making - Hervé Moulin 1991
  • Cooperative microeconomics: a game-theoretic introduction - Hervé Moulin c1995

Assessment

A 1-hour in-course exam (30%)
A 2-hour degree exam (April/May) (70%)